What is a Short Sale and How Long Does a Short Sale Take?

Many people have heard of short sales but they don’t always understand exactly what they’re for or how they work.

This video explains the basics in an easy to understand format. After watching it, you should know:

  • The basic definition of a short sale
  • How a short sale works
  • Basic requirements to qualify for a short sale

What is a Short Sale?

Video Transcript

When a homeowner has an underwater mortgage, meaning they owe more on their home than what it’s worth, their lender may allow them to sell the property for less than the mortgage balance, by accepting a short sale.

A short sale allows the homeowner to sell their home to a buyer – not back to the bank – helping them avoid a foreclosure that would be damaging to credit and the ability to buy another home in the future.

To qualify for a short sale, you must meet three simple requirements:

  • One, you must have a verifiable financial hardship to explain why you are unable to make your mortgage payment,
  • Two, you must prove to your lender that you don’t have the cash or assets to pay off your mortgage balance,
  • And three, you must prove that your monthly expenses – including your mortgage payment -  exceed your income.

If you want to determine if you qualify or if a short sale is right for you, contact the experts at Short Sale Cooperative for a free consultation today.

Contact us today at (800) 704-6411

Our expert mortgage counselors can help you decide if a short sale is right for you.

Contact Info

(800) 704-6411

2315 W Arbors Dr Suite 225
Charlotte, NC 28262

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